Tuesday, August 2 2005 19:17 Hrs (IST) - World Time -

Mumbai: Oracle, world's largest enterprise software company, today (Aug 2, 2005) announced that it would buy a majority interest in India's largest software solutions company, i-flex ltd.

Under the terms of agreement, Oracle will acquire Citigroup Venture Capital International's 41 ownership stake in i-flex, Oracle said in a release in Mumbai today.

As required under the law, Oracle will make an open offer beginning tomorrow (Aug 3, 2005) to purchase an additional 20 per cent shares outstanding from the remaining shareholders at Rs 882.62 per share with a total cash consideration of about $316 million if the entire 20 per cent tendered is offered, the release added.

The current i-flex management team would continue to run the company and will align product development, sales marketing, and services activities with Oracle, the statement said.